The European Commission and the European Central Bank (ECB) announced in their special convergence reports that Bulgaria has met all requirements for joining the euro area. The country is expected to adopt the euro on January 1, 2026, pending a final political decision by the Council of the EU (ECOFIN) scheduled for July 8. Unlike previous cases such as Croatia’s, no exceptions or special adjustments have been applied to Bulgaria — it has met all Maastricht criteria without concessions.
According to the reports, Bulgaria satisfies the price stability requirement with a 12-month average inflation rate of 2.7% for the period May 2024 to April 2025, below the reference value of 2.8%. Long-term interest rates averaged 3.9%, under the 5.1% ceiling. The country has participated in the Exchange Rate Mechanism (ERM II) for over two years, maintaining its fixed exchange rate of 1.95583 leva per euro without deviation or tension. On the fiscal front, Bulgaria reported a 2024 budget deficit of exactly 3%, and a government debt-to-GDP ratio of just 24.1% — among the lowest in the EU and well below the 60% limit.
Bulgaria’s legal framework has also been deemed fully compatible with EU law and the ECB’s Statute. The ECB praised the country’s impressive 28-year record of maintaining a currency board and stable exchange rate. While Bulgaria remains on the FATF “grey list” for anti-money laundering and faces governance and rule of law challenges, these issues fall outside the Maastricht criteria. The ECB concluded that as long as Bulgaria maintains fiscal discipline and continues with structural reforms under its Recovery and Resilience Plan, its transition to the euro is expected to be smooth and pose no systemic risk to either the country or the eurozone.
